Rental prices continue to rise amid cost of living crisis

The new Labour government has made a number of promises regarding housing in the UK, promising that over 1.5 million homes will be built, whilst also pledging that they will ‘empower tenants to challenge unreasonable rent increases’.

Private rental bidding wars will also be banned according to Keir Starmer.

With many struggling with the ongoing cost of living crisis, prices in the Cumberland Council area are continuing to rise, compared to 2023. 

Statistics from the Office of National Statistics in June show that: 

"The average house price in Cumberland was £166,000 in April 2024, up 4.2 per cent from April 2023. This was higher than the rise in the North West (3.8 per cent) over the same period.

"Private rents rose to an average of £576 in May 2024, an annual increase of 7.0 per cent from £538 in May 2023. This was lower than the rise in the North West (9.0 per cent) over the year.

"The average price paid by first-time buyers was £142,000 in April 2024 . This was 4.5 per cent higher than the average of £136,000 in April 2023.

"For homes bought with a mortgage, the average house price was £170,000 in April 2024. This was 4.6 per cent higher than the average of £162,000 in April 2023."

While prices are on the rise both regionally and nationally, the average house prices in the Cumberland Council area remains cheaper than most in the North West (£217,000) and across Great Britain (£284,000).

House price annual inflation has massively fluctuated in Cumberland in the past 20 years, with the inflation now significantly lower than it was in the mid 2000s. 

However, the annual inflation of rent prices has undergone a huge rise in the past two years alone, increasing by more than six per cent in the Cumberland Council area and more than eight per cent in the North West and Great Britain.

The average rental price in Cumberland in 2015 was just £462 but now stands at £576 in 2024, which represents more than £100 increase in fewer than 10 years.